Business
ShawCor Ltd. Announces Second Quarter 2010 Results
ShawCor Ltd. Announces Second Quarter 2010 Results
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[{"type":"text","content":"\n\n\n\n Aug. 5, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n\n >\n\n\nTORONTO, Aug. 5 /CNW/ - "The second quarter financial results, while marginally improved from the first quarter, reflect the weakness in pipeline project activity in North America and Latin America compared with 2009 and 2008" said Bill Buckley, President and CEO of ShawCor Ltd. "However, based on projects now included in our backlog, we continue to expect that revenue and earnings will strengthen in the second half of 2010 and throughout 2011 as ShawCor will commence production on the previously announced U.S.$185 million PNG LNG project, the U.S.$42 million Epic Energy QSN3 project, as well as the U.S.$93 million Total Laggan project, for which we received an order in May of this year".\nMr. Buckley added, "We continue to make excellent progress on a number of key strategic initiatives including the completion in the second quarter of our first commercial order for our new THERMOTITE ULTRA(R) patented offshore pipeline insulation system, the commencement of construction of a new state-of-the-art subsea testing facility, the installation of a joint venture concrete weight coating facility in northern Russia, and continued activities towards the completion of growth acquisitions with the announcement regarding our proposed investment in Socotherm S.p.A."\n\n\n >\n\n\nOUTLOOK\n\nThe Company expects revenue and income to improve significantly in the second half of 2010 with the improved outlook based on an increased backlog and the number of major projects scheduled for execution in the second half of 2010 and in 2011. The Company's order backlog, representing customer orders expected to be completed within one year, has continued to improve and at June 30, 2010 totaled $421.8 million, compared to $396.1 million at March 31, 2010. The backlog includes approximately $45 million of the recently awarded U.S.$93.0 million Total Laggan pr...